The amount of cash to be reported on the balance sheet at June 30 is the
A) total of the Cash column in the cash receipts journal as of June 30
B) adjusted balance appearing in the bank reconciliation for June 30
C) total of the Cash column in the cash payments journal as of June 30
D) balance as of June 30 on the bank statement

Question

Quizplus · Accepted Answer

The adjusted balance appearing in the bank reconciliation for June 30 is the most accurate representation of the amount of cash on hand as it takes into account any outstanding checks or deposits that haven't cleared the bank. The other options do not necessarily reflect the true amount of cash on hand at June 30.

The Amount of Cash to Be Reported on the Balance